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Low Appraisal

I bought a home out of foreclosure in 2009 and the appraisal came in around $130,000. I fixed up the house and rented it out for the last three years and now trying to refinance it at a lower rate. I got the appraisal back and it was $104,000. Looking for recommendations on what I can do to fight this, I appreciate any advice.

Re: Low Appraisal

Originally Posted by 2forISU

I bought a home out of foreclosure in 2009 and the appraisal came in around $130,000. I fixed up the house and rented it out for the last three years and now trying to refinance it at a lower rate. I got the appraisal back and it was $104,000. Looking for recommendations on what I can do to fight this, I appreciate any advice.

Re: Low Appraisal

Originally Posted by 2forISU

I bought a home out of foreclosure in 2009 and the appraisal came in around $130,000. I fixed up the house and rented it out for the last three years and now trying to refinance it at a lower rate. I got the appraisal back and it was $104,000. Looking for recommendations on what I can do to fight this, I appreciate any advice.

Re: Low Appraisal

Some appraisers are just idiots. It doesn't take much intelligence to get certified.

I tried refinancing earlier this summer and my appraisal came in at 20k below what I paid in 2010. The appraiser just set it at the same level as the only comparable he could find even though I have been in the other condo and know my unit has at least 15k of upgrades over the other (hard wood, washer/dryer, granite countertops, lofted ceilings, premium appliances, etc). Go somewhere else and hope you get a better appraiser or look into how much PMI will cost if that doesn't put you underwater. PMI on my place was only going to be an extra 40 bucks a month and I would only have to pay it around 2 years so it was a much better deal than staying at 5.25%.

Re: Low Appraisal

Originally Posted by Prometheus

It all depends on where you bought the house and it's location. In some markets the bottom of the market came well after 2009.

Iowa City and the value of homes in the area are steady. Had another investment property refinaced which is .05 of a mile from this property and it was up 10% from the last time. Both were appraised in 2009.

Re: Low Appraisal

you should have a copy of appraisal, where was appraiser from? was the appraiser out of their typical territory and not know your market? this happens alot with appraisal management companies. get an appraiser that will do appraisal for lowest fee, hence they do a poor job for a low fee. research the sales the appraiser used. drive by the sales and compare them yourself. look at the adjustments, credible or not.
if you have a friend in real estate business ask them to look up sales data from MLS
this should get you started.

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